Italy 40 (ITA40) Is in a Price Surge, Targets Level 21390

Italy 40 (ITA40) Is in a Price Surge, Targets Level 21390

Key Resistance Zones: 24000, 25000, 26000
Key Support Zones: 22000, 21000, 20000

Italy 40 (ITA40) Long-term Trend: Bullish
Italy 40 is in an uptrend. The index plunged to level 17710 and resumed the uptrend. The uptrend was a strong bounce above that made the price rally above level 20810. The recent rally has breached many resistance levels as the index approaches level 21200.

ITA40 – Daily Chart

Daily Chart Indicators Reading:
The 21-day SMA and 50-day SMA are sloping horizontally. It indicates that the sideways trend. The market has risen to level 70 of the Relative Strength Index. It indicates that the pair has reached the overbought region of the market

Italy 40 (ITA40) Medium-term Trend: Bullish
On the 4- hour chart, the index is in an upward move. The index is trading in the overbought region. On November 9 uptrend, the ITA40 was resisted. The retraced candle body tested the 78.6% Fibonacci retracement level. This indicates that the index will rise to level 1.272 Fibonacci extension level and reverse. That is a high of 21390. However, the price reversal will not be immediate.

ITA40 – 4 Hour Chart

4-hour Chart Indicators Reading
The index is above the 80% range of the daily stochastic since November 2. Italy 40 is trading in the overbought region. The market is in a bullish momentum. The SMAs are sloping upward indicating the uptrend.

General Outlook for Italy 40 (ITA40)
Italy 40 is in an uptrend. According to the Fibonacci tool, the market will rise and reach level 1.272 or the high of 21390 but will reverse. It is also in the overbought region of the market. Sellers may emerge to push prices downward



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Author : Azeez Mustapha

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Azeez Mustapha is an experienced author, trader, markets analyst, signals strategist, and funds-manager.